All Forum Posts by: Caleb Bryant

This thread is hilarious haha. There are definitely bad wholesalers, just like there are bad agents, bad landlords, bad (insert any job). But trust me, plenty of wholesalers are making real money. It isn't all just "Join my coaching program" though there definitely is some of that happening. Everyone I know who wholesales as more than just a side gig is making wayyyyy more than a typical W2, but most of the people I see who are angry are the people who aren't good at finding deals. Also, to the people who want wholesaling illegal, we will just double close it if that's the case lol

 This one was Harvest, 35749

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $41,000
Cash invested: $82,000
Sale price: $171,000

This fix and flip was picked up using the subject-to strategy. Seller owed just over 40k and we took over her note. From there we used private money to fund the rehab. Target rehab was 60k but we kept finding more and more things that needed to be fixed in order to have a strong final product. The delays that we hit actually helped our projected ARV as we sold for more than expected. Despite going over budget, we managed to exceed our projections.

What made you interested in investing in this type of deal?

We are always looking for solid single family investments.

How did you find this deal and how did you negotiate it?

Deal was found through a TV ad. Seller called us and said she needed to get out of the property to avoid foreclosure.

How did you finance this deal?

We financed the acquisition of this deal subject to the existing financing. We raised private money for the rehab funds.

How did you add value to the deal?

This one had almost everything replaced. New siding, roof, hvac, sub floor and flooring, water heater, etc.

What was the outcome?

We achieved a ~41k profit after all rehab fees and interest

Lessons learned? Challenges?

With every deal you do, there is a chance that you will uncover more issues than you underwrote for. We were thankful that the more extensive rehab gave the market more time to appreciate so our exit was much higher than projected.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

1000% recommend Rachael McCuen with Chanda Davis real estate for the listing, she sold this one for a great price.

Did you pitch owner finance? Sometimes you can get closer to their number if you control the terms. 

Welcome to Bigger Pockets @Martha Saldana-Beene ! I've purchased, flipped and wholesaled property in Huntsville. The market here is hot like most places right now. I don't have a 3rd property manager but I would definitely suggest interviewing several once suggestions come in. Also not sure on if you're investing from in state or out of state, but if you're from elsewhere I would definitely come visit the market and network with some of the investors, property managers, brokers, etc in person. You'll get to know the market much quicker that way. 

Thanks for posting this. It's interesting to see how affordable it is here still, yet the growth has been massive. I think Huntsville and Decatur still have a lot of room to grow. Plenty of new jobs and not enough inventory. Bummed I sold my house in OCR because it'd have 100-150k in new equity today. 

@Parker Brown anybody here?

@Chris Leeper watch some of Pace Morby’s stuff, it can help you eliminate the need for those roles altogether. I think Brandon write a book about buying deals with low and no money too. Ultimately though your real problem isn’t the lender or the agent, it’s lead flow. If you’re getting the leads then you can control your own destiny.

I'll see ya'll there! 

Total tax burden is pretty low too. Though I'm sure it's fluctuated since I last looked it up, Alabama was 42nd in overall tax burden, with Tennessee also strong at 46th. Two great states to invest in IMO